Bank of America

Management balances growth investment, dividends, and repurchases. After the 2025 stress test, the quarterly dividend was increased 8 percent to 0.28 dollars per share from Q3 2025. The company returned 21 billion dollars to shareholders in 2024, and it maintains an authorized repurchase program.

Given a lower SCB and solid capital, buybacks should remain a flexible lever, though execution will track earnings and regulatory calibration. Dilution from SBC is modest for a large bank. We view capital allocation as disciplined and shareholder-friendly within the constraints of a regulated balance sheet.